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Accrued and deferred income

Accrued and deferred income

My gardener grabbed me by my shrubs the other day. “I need £100 off you, Gareth” he said. “But I haven’t had an invoice from you Tony!” I replied. “But I did the work last week. I’ve earned me money. I’m just not very good with my paperwork!” Little did Tony know that ne was applying the accounting concept of accruals.

A couple of months ago I looked at dealing with accrued expenses. In this article I am going to look at dealing with accrued and deferred income.

In essence both are examples of the application of the accruals, or ‘matching’ concept. We must ensure that income is recognised in the period that the income is ‘earned’ (i.e. when did you do the work that generated the income). It doesn’t matter when the sale is paid for or when we send out the invoice.

If we earn some income by delivering goods to a customer (selling them some sugar for instance) and the customer pays for those goods immediately then the double entry is:

Dr Cash (the asset that we now own)

Cr Sales (the income that we have generated from delivering the goods)

This is a cash sale.

If we earn income by delivering goods to a customer and they do not pay immediately because we offer them a credit period we would normally send them an invoice as a request for payment at a later date. The double entry for this is:

Dr Sales ledger control account (the asset of the receivables balance owed by the customer)

Cr Sales (we have still generated income by delivering the goods even if we haven’t been paid yet)

This is a credit sale. Note that it doesn’t matter that we haven’t been paid for the goods yet, we have delivered them to the customer so have “earned’ the income. This means that the credit is still made to the sales account.

Now, what if we deliver goods to a customer and they are not paying immediately but we haven’t even issued an invoice yet (perhaps due to an administrative delay)? We still need to recognise the income we have earned as we have delivered the goods, but since there is no sales invoice to list in the sales day book there would be no entry made to the sales ledger control account. We therefore need to recognise another form of receivable that we will invoice and collect at some point in the future; accrued income.

The double entry for this is:

Dr Accrued income (again, an asset. Think of this as an ‘uninvoiced receivable’)

Cr Sales (again, still recognising the income generated as we have delivered the goods)

As long as we have delivered the goods we have ‘earned’ the income, it does not matter that we haven’t sent an invoice yet.

Accrued income is a current asset and would sit on the balance sheet (the Statement of Financial Position) under trade receivables.

Eliminating accrued income

When you eventually raise the invoice for the goods that the customer has had you can eliminate the accrued income as follows:

Dr Sales ledger control account (now that you have raised an invoice)

Cr Accrued income (getting rid of our ‘uninvoiced receivable’ now that it has been invoiced)

If accrued income is where we have earned income but not yet been paid for it or sent an invoice to the customer, deferred income is the exact opposite; where we have been paid by a customer for something but haven’t actually earned the income (so we haven’t delivered the goods yet). It would occur in a situation where a customer is paying in advance for goods that we are going to deliver in the future.

If we haven’t delivered the goods yet then we haven’t ‘earned’ the income so we cannot recognise anything in the sales account yet. Instead we recognise a liability called deferred income. It may seem strange that we are recognising a liability when we are dealing with a customer but if they pay in advance for goods then we owe them that money until we deliver the goods. If we fail to do so we will have to repay them the amount that they have paid.

The double entry is therefore:

Dr Cash (the payment we have received in advance from the customer)

Cr Deferred income (the liability we owe to the customer until we deliver their goods)

Note that we don’t recognise anything in the sales account as although we have had some cash from the customer we haven’t done the work that ‘earns’ this income.

Deferred income is a current liability and would sit on the balance sheet under trade payables.

Eliminating deferred income

When we deliver the goods to the customer, we have now done the work to ‘earn’ the income and will no longer have to potentially pay them back so the double entry posted is:

Dr Deferred income (to remove the liability no longer needed)

Cr Sales (as we have now ‘earned’ the income)

Other forms of income

In some tasks the ‘income’ being dealt with may be something other than sales of goods, for instance it may be rental income. The basic double entry here is much the same as above.

So, if a tenant has occupied some space we own (meaning that we have ‘earned’ the income) but we haven’t yet invoiced them this is accrued income:

Dr Accrued income

Cr Rental income (instead of sales)

And if a tenant has paid in advance for next period it is deferred income as we haven’t ‘earned’ the income yet:

Cr Deferred income

We own a building in which we rent space to tenants at £1,000 per annum. One tenant pays for two years in advance and a second tenant will be invoiced for the same two years at the end of the second year. Show the relevant ledger accounts at the end of the first year.

State Personal Income: First Quarter 2016

State personal income grew 1.0 percent on average in the first quarter of 2016, the same pace as in the fourth quarter of 2015, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income grew in every state except Wyoming and North Dakota with first-quarter personal income growth rates ranging from -1.3 percent in North Dakota to 1.5 percent in Washington (table 1).

Earnings. Overall, earnings increased 1.1 percent in the first quarter of 2016 (table 5) and was the leading contributor to growth in personal income in most states.

Earnings in Washington grew 2.1 percent, faster than in any other state, largely due to stock grants in the information sector.

Growth in health care earnings was the leading contributor to above average earnings growth in Oregon.

Growth in farm earnings was the leading contributor to above average earnings growth in Arkansas.

Growth in durable manufacturing earnings was the leading contributor to above average earnings growth in Michigan due in part to profit sharing payments by motor vehicle manufacturers.

Growth in construction earnings was the leading contributor to above average earnings growth in Utah.

For the nation, earnings grew in 22 of the 24 industries for which BEA prepares quarterly estimates. Health care, construction, and professional services were the leading contributors to overall growth in personal income (table 3).

Farm earnings declined 3.5 percent in the first quarter (table 5), after falling 9.2 percent in the fourth quarter of 2015. The decline in farm earnings was the leading contributor to below average income growth in five states in the Plains region Iowa, Minnesota, Nebraska, North Dakota, and South Dakota.

Mining earnings declined 4.4 percent in the first quarter of 2016, the fifth consecutive quarterly decline, and was a major contributor to declining incomes in Wyoming and North Dakota. Since peaking in the fourth quarter of 2014, mining earnings have declined 15.8 percent nationally, 21.8 percent in Wyoming and 44.7 percent in North Dakota.

Revisions. Today, BEA also released revised quarterly personal income estimates for 2015:I to 2015:IV. Revisions were made to incorporate source data that are more complete and more detailed than previously available, and to align the states with revised national estimates.

Upcoming Annual Revision of the State Personal Income Accounts. The annual revision of the state personal income accounts will be released along with estimates for the second quarter of 2016 on September 28. In addition to the regular revision of the estimates for the most recent 3 years and for the first quarter of 2016, some series will be revised back further. The July Survey of Current Business will contain an article that previews the annual revision, and the October Survey will contain an article that describes the results.

Next quarterly state personal income release September 28, 2016, at 8:30 A.M. for second quarter 2016.

Definitions

Personal income is the income received by all persons from all sources. Personal income is the sum of net earnings by place of residence, property income, and personal current transfer receipts.

Per capita personal income is calculated as the total personal income of the residents of a state divided by the population of the state. In computing per capita personal income, BEA uses mid-quarter population estimates based on unpublished Census Bureau data.

Net earnings by place of residence is earnings by place of work (the sum of wages and salaries, supplements to wages and salaries, and proprietors� income) less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis.

Property income is rental income of persons, personal dividend income, and personal interest income.

Personal current transfer receipts are benefits received by persons from federal, state, and local governments and from businesses for which no current services are performed. They include retirement and disability insurance benefits (mainly Social Security), medical benefits (mainly Medicare and Medicaid), income maintenance benefits, unemployment insurance compensation, veterans� benefits, and federal education and training assistance.

Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).

The estimate of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia; it differs slightly from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data.

Statistical Convention

Quarter-to-quarter percent changes are calculated from unrounded data and are not annualized. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between published estimates.

BEA Regions

BEA groups all 50 states and the District of Columbia into eight distinct regions for purposes of data collecting and analyses: New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont); Mideast (Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania); Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin); Plains (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota); Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia); Southwest (Arizona, New Mexico, Oklahoma, and Texas); Rocky Mountain (Colorado, Idaho, Montana, Utah, and Wyoming); and Far West (Alaska, California, Hawaii, Nevada, Oregon, and Washington).

Use of State Personal Income Statistics

State personal income statistics provide a framework for analyzing current economic conditions in each state and can serve as a basis for decision making. For example:

Federal government agencies use the statistics as a basis for allocating funds and determining matching grants to states. The statistics are also used in forecasting models to project energy and water use.

State governments use the statistics to project tax revenues and the need for public services.

Academic regional economists use the statistics for applied research.

Businesses, trade associations, and labor organizations use the statistics for market research.

Resources

The entire historical time series for these estimates can be accessed in BEA’s Interactive Data Application at www.bea.gov/itable/. Mapping and charting software are also available.

Further discussion of the regional statistics presented in this news release will be provided in the next issue of the Survey of Current Business, available online at: www.bea.gov/scb/index.htm

Complete information on the sources and methods for the estimation of BEA’s State Personal Income and Employment is available online at: www.bea.gov/regional/pdf/spi2014.pdf

BEA Regional Facts (BEARFACTS), a narrative summary of personal income, per capita personal income, and components of income for each state, is available online at: www.bea.gov/regional/bearfacts/

Accrued and deferred income

Accrued and deferred income

My gardener grabbed me by my shrubs the other day. “I need £100 off you, Gareth” he said. “But I haven’t had an invoice from you Tony!” I replied. “But I did the work last week. I’ve earned me money. I’m just not very good with my paperwork!” Little did Tony know that ne was applying the accounting concept of accruals.

A couple of months ago I looked at dealing with accrued expenses. In this article I am going to look at dealing with accrued and deferred income.

In essence both are examples of the application of the accruals, or ‘matching’ concept. We must ensure that income is recognised in the period that the income is ‘earned’ (i.e. when did you do the work that generated the income). It doesn’t matter when the sale is paid for or when we send out the invoice.

If we earn some income by delivering goods to a customer (selling them some sugar for instance) and the customer pays for those goods immediately then the double entry is:

Dr Cash (the asset that we now own)

Cr Sales (the income that we have generated from delivering the goods)

This is a cash sale.

If we earn income by delivering goods to a customer and they do not pay immediately because we offer them a credit period we would normally send them an invoice as a request for payment at a later date. The double entry for this is:

Dr Sales ledger control account (the asset of the receivables balance owed by the customer)

Cr Sales (we have still generated income by delivering the goods even if we haven’t been paid yet)

This is a credit sale. Note that it doesn’t matter that we haven’t been paid for the goods yet, we have delivered them to the customer so have “earned’ the income. This means that the credit is still made to the sales account.

Now, what if we deliver goods to a customer and they are not paying immediately but we haven’t even issued an invoice yet (perhaps due to an administrative delay)? We still need to recognise the income we have earned as we have delivered the goods, but since there is no sales invoice to list in the sales day book there would be no entry made to the sales ledger control account. We therefore need to recognise another form of receivable that we will invoice and collect at some point in the future; accrued income.

The double entry for this is:

Dr Accrued income (again, an asset. Think of this as an ‘uninvoiced receivable’)

Cr Sales (again, still recognising the income generated as we have delivered the goods)

As long as we have delivered the goods we have ‘earned’ the income, it does not matter that we haven’t sent an invoice yet.

Accrued income is a current asset and would sit on the balance sheet (the Statement of Financial Position) under trade receivables.

Eliminating accrued income

When you eventually raise the invoice for the goods that the customer has had you can eliminate the accrued income as follows:

Dr Sales ledger control account (now that you have raised an invoice)

Cr Accrued income (getting rid of our ‘uninvoiced receivable’ now that it has been invoiced)

If accrued income is where we have earned income but not yet been paid for it or sent an invoice to the customer, deferred income is the exact opposite; where we have been paid by a customer for something but haven’t actually earned the income (so we haven’t delivered the goods yet). It would occur in a situation where a customer is paying in advance for goods that we are going to deliver in the future.

If we haven’t delivered the goods yet then we haven’t ‘earned’ the income so we cannot recognise anything in the sales account yet. Instead we recognise a liability called deferred income. It may seem strange that we are recognising a liability when we are dealing with a customer but if they pay in advance for goods then we owe them that money until we deliver the goods. If we fail to do so we will have to repay them the amount that they have paid.

The double entry is therefore:

Dr Cash (the payment we have received in advance from the customer)

Cr Deferred income (the liability we owe to the customer until we deliver their goods)

Note that we don’t recognise anything in the sales account as although we have had some cash from the customer we haven’t done the work that ‘earns’ this income.

Deferred income is a current liability and would sit on the balance sheet under trade payables.

Eliminating deferred income

When we deliver the goods to the customer, we have now done the work to ‘earn’ the income and will no longer have to potentially pay them back so the double entry posted is:

Dr Deferred income (to remove the liability no longer needed)

Cr Sales (as we have now ‘earned’ the income)

Other forms of income

In some tasks the ‘income’ being dealt with may be something other than sales of goods, for instance it may be rental income. The basic double entry here is much the same as above.

So, if a tenant has occupied some space we own (meaning that we have ‘earned’ the income) but we haven’t yet invoiced them this is accrued income:

Dr Accrued income

Cr Rental income (instead of sales)

And if a tenant has paid in advance for next period it is deferred income as we haven’t ‘earned’ the income yet:

Cr Deferred income

We own a building in which we rent space to tenants at £1,000 per annum. One tenant pays for two years in advance and a second tenant will be invoiced for the same two years at the end of the second year. Show the relevant ledger accounts at the end of the first year.

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10e. Second Continental Congress

Manuscript Division, Library of Congress

This rough draft of the Declaration of Independence was handwritten by Thomas Jefferson. It is believed that it was copied from several “creative drafts.” The changes made from draft to final form help us understand more precisely the meanings the declaration committee intended.

Times had taken a sharp turn for the worse. Lexington and Concord had changed everything. When the Redcoats fired into the Boston crowd in 1775, the benefit of the doubt was granted. Now the professional imperial army was attempting to arrest patriot leaders, and minutemen had been killed in their defense. In May 1775, with Redcoats once again storming Boston, the Second Continental Congress convened in Philadelphia.

The questions were different this time. First and foremost, how would the colonist meet the military threat of the British. It was agreed that a Continental Army would be created. The Congress commissioned George Washington of Virginia to be the supreme commander, who chose to serve without pay. How would supplies be paid for? The Congress authorized the printing of money. Before the leaves had turned, Congress had even appointed a standing committee to conduct relations with foreign governments, should the need ever arise to ask for help. No longer was the Congress dealing with mere grievances. It was a full-fledged governing body.

National Park Service

Still, in May of 1775 the majority of delegates were not seeking independence from Britain. Only radicals like John Adams were of this mindset. In fact, that July Congress approved the Olive Branch Petition. a direct appeal to the king. The American delegates pleaded with George III to attempt peaceful resolution and declared their loyalty to the Crown. The King refused to receive this petition and instead declared the colonies to be in a state of rebellion in August. Insult turned to injury when George ordered the hiring of Hessian mercenaries to bring the colonists under control. Americans now felt less and less like their English brethren. How could their fellow citizens order a band of ruthless, foreign goons? The moderate voice in the Continental Congress was dealt a serious blow.

As the seasons changed and hostilities continued, cries for independence grew stronger. The men in Philadelphia were now wanted for treason. They continued to govern and hope against hope that all would end well. For them, the summer of 1776 brought the point of no return a formal declaration of independence.

Declaration of IndependenceFrom John Adams to George Wyeth, short but elegant biographies of all the Signers of the Declaration of Independence. As if that’s not enough, the producers of the page have given us biographies on some of the more famous members of Parliament such as Edmund Burke as well. This page also has a great historic documents section, with dozens of rare-on-the-Internet topics such as “A Proclamation by the King for Suppressing Rebellion and Sedition.” But wait, there’s more! The page comes with a bibliography and dozens of images. OYEZ! OYEZ! BOOKMARK THIS SITE NOW and be guaranteed an “A” on your future endeavors.

Continental Congress LotteryEver see those commercials for state lotteries that say profits will be used to pay for education and care of the elderly? Well, the government’s been using lotteries to pay for things since the Colonial Era. This lottery page, written by a numismatist, (that’s a coin expert), explains what the Congress was raising money for, how much tickets cost, who raised the money, and problems they ran into along the way. I don’t know how useful the page is, but it’s way cool and has a great link to a Colonial currency page.

Continental Congress Thanksgiving Proclamation of 1782Congress wasn’t only busy with issues of war. For instance, they had time to issue a proclamation “for a general THANKSGIVING on the twenty-eighth day of November. ” TURKEY DAY! Note the proclamation was signed by John Hanson, who some consider the first President of the United States since he was the President of the Continental Congress under the Articles of Confederation.

Documents from the Continental CongressPicture heaven! The heart of this page is the Continental Congress Broadside Collection. Issues printed on broadsides, which were devoted almost exclusively to timely issues, included official notices, proclamations, petitions, playbills, news extras, and advertisements. Broadsides were posted in town halls and coffee houses, read in churches and public meetings, and often reprinted or excerpted in local newspapers. On the site there are dozens of broadsides, each explained in comparable detail to that which paintings often receive in museums. Start out by either going to the BROWSE link or to: Special Presentation: To Form a More Perfect Union: An Introduction to the Congressional Documents. There are also two very useful timelines on the site. newspapers.

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Update – David Avellar Neblett is working on behalf vessel owners regarding the Sunny Marina catastrophe and outrageous extraction charges. Click here for more information and to contact Mr. Neblett if you or someone you know had a vessel at Sunny Marina or lost a vessel in the recent hurricanes.

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